grace period
noun
: a period of time beyond a due date during which a financial obligation may be met without penalty or cancellation
Examples of grace period in a Sentence
The terms of the loan allow for a ten-day grace period.
Recent Examples on the Web
After a seven-day grace period, Franklin University in Ohio, for instance, will impose an 18% finance charge on past-due balances, according to its website.
—
Danielle Douglas-Gabriel The Washington Post, Arkansas Online, 16 Sep. 2023
The agency also may give the drug companies a grace period to swap ingredients in products, if required.
—Roni Caryn Rabin, New York Times, 13 Sep. 2023
Country Garden, China's biggest property developer and one of the world's most indebted, missed the initial due date of Aug. 7 on $22.5 million in interest on a pair of dollar bonds, but had a grace period ending Sept. 5-6.
—Harold Maass, The Week, 5 Sep. 2023
The idea is that loans might have below-market interest rates or grace periods for repayment.
—Max Bearak, BostonGlobe.com, 4 Sep. 2023
From the online account portal to the grace period for late payments, nothing will come as a shock.
—Ashley Donohoe, Car and Driver, 1 Sep. 2023
The grace period was extended to a Jan. 21, 2024 hard deadline.
—Alex Hulvalchick, Chicago Tribune, 29 Aug. 2023
Country Garden still has a 30-day grace period before would be labeled as a defaulter.
—Ramishah Maruf, CNN, 9 Aug. 2023
After the Supreme Court ruling, the Biden administration unveiled a yearlong grace period starting this fall, insulating borrowers from near-term consequences for nonpayment even while interest begins to accrue again starting Sept. 1.
—Sara Ruberg, NBC News, 5 Aug. 2023
See More
Danielle Douglas-Gabriel The Washington Post, Arkansas Online, 16 Sep. 2023
The agency also may give the drug companies a grace period to swap ingredients in products, if required.
—Roni Caryn Rabin, New York Times, 13 Sep. 2023
Country Garden, China's biggest property developer and one of the world's most indebted, missed the initial due date of Aug. 7 on $22.5 million in interest on a pair of dollar bonds, but had a grace period ending Sept. 5-6.
—Harold Maass, The Week, 5 Sep. 2023
The idea is that loans might have below-market interest rates or grace periods for repayment.
—Max Bearak, BostonGlobe.com, 4 Sep. 2023
From the online account portal to the grace period for late payments, nothing will come as a shock.
—Ashley Donohoe, Car and Driver, 1 Sep. 2023
The grace period was extended to a Jan. 21, 2024 hard deadline.
—Alex Hulvalchick, Chicago Tribune, 29 Aug. 2023
Country Garden still has a 30-day grace period before would be labeled as a defaulter.
—Ramishah Maruf, CNN, 9 Aug. 2023
After the Supreme Court ruling, the Biden administration unveiled a yearlong grace period starting this fall, insulating borrowers from near-term consequences for nonpayment even while interest begins to accrue again starting Sept. 1.
—Sara Ruberg, NBC News, 5 Aug. 2023
See More
These examples are programmatically compiled from various online sources to illustrate current usage of the word 'grace period.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.
Word History
First Known Use
1907, in the meaning defined above
Dictionary Entries Near grace period
Cite this Entry
“Grace period.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/grace%20period. Accessed 25 Sep. 2023.
Copy Citation
Legal Definition
grace period
noun
grace pe·ri·od
: a period of time beyond a scheduled date during which a required action (as payment of an obligation) may be taken without incurring the ordinarily resulting adverse consequences (as penalty or cancellation): as
a
: a period of 30 days or one month during which premiums on insurance policies may be paid without penalty
b
: a period of ten days during which certain security interests (as those in fixtures) must be perfected in order to have priority over conflicting security interests under Article 9 of the Uniform Commercial Code
called also days of grace
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